Housing should be a drama-free zone in 2015. “After the boom, the bust, and the recovery bounce, we are transitioning to a calmer market driven by fundamentals,” says Jed Kolko, chief economist at Trulia.
With the recent economic growth and mortgage rates remaining steady, “bubbly” gains in housing are not likely in 2015. The 30-year fixed rate mortgage is unlikely to surpass 5% and household incomes are largely unchanging. While home prices are already an average of 20% higher, buyers will not have the capacity to push prices sharply up.
Here’s what to do if you’re thinking about buying or selling in 2015:
Sellers, forget bidding wars.
In most markets you still have leverage, but less than you did. “You have to price your house right,” says Redfin chief economist Nela Richardson. Need help selling your existing home? Echelon Homes has a solution for you. If you purchase a new construction home from Echelon Homes, Marketplace Homes will agree to a Guaranteed Lease for your home for up to 6 years!
Don’t worry about double payments, price cuts, or cancellations on your new home. Marketplace Homes will put their money on the line so you don’t have to. Thousands of families choose to work with Marketplace Homes to make their move easier!
Buyers, save interest.
While mortgage rates are not expected to jump until later in the year, a winter move will likely land you the lowest rates. Don’t delay. Now may be the perfect time to buy! Hoping to pay off your home before retirement? The 15-year fixed rate mortgage, now at 3.3% is likely to remain below 4% for most of the year.
Original Article: http://time.com/money
Image source: realtor.com
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